In April 2025, Peter Hill, the head of iron ore at Glencore Plc (LON: GLEN), urged executives at Radiant World not to communicate via email, writing “Say nothing on email” in a WhatsApp message. Hill has now been suspended pending an internal review, as Glencore faces a $2 billion lawsuit filed in Singapore by Radiant World and Sapphire Minmetals.
The Bottom Line
- Executive Suspension: Glencore suspended Peter Hill following revelations of WhatsApp messages instructing counterparties to bypass corporate email systems.
- Financial Exposure: Glencore has taken a $480 million provision on its outstanding exposure to the Radiant World network after cutting ties.
- Litigation Escalation: Radiant World, Sapphire Minmetals, and related companies launched a $2 billion lawsuit against Glencore in Singapore, which the mining giant has vowed to contest.
Encrypted Instructions and the Breakdown of a Trading Partnership
Internal communications reviewed by Bloomberg News reveal the operational mechanics behind Glencore’s fractured relationship with the Radiant World group of companies. According to the messages, Hill acted as a dominant figure in Radiant World’s trading operations between 2023 and 2025. In one message sent in early April 2025, Hill explicitly instructed his counterparts: “Say nothing on email.”
Some of the communications were transmitted from Hill’s personal mobile phone, while others originated from his corporate device. In May 2023 messaging, Hill acknowledged friction in the commercial relationship. “I don’t for a second doubt your integrity but there’s a big challenge and we just need to work on it together and sometimes that requires some hard chats and some adjustments to how things have been done,” he wrote.
Further messages indicate that Hill positioned himself as a strict operational gatekeeper. Referring to iron ore market volatility in 2021 that left Radiant World with approximately $1.1 billion in debt to Glencore, Hill maintained strict control over transaction approvals. “You need to hear and listen to what I’m saying – if I say stop, I need you to stop, if I say jump I need you to jump,” he wrote.
| Metric / Event | Details |
|---|---|
| Glencore Stock Movement | Traded 3.1% lower at 12:09 p.m. in London on Friday following the suspension announcement. |
| Provision Taken | Glencore recorded a $480 million provision on its outstanding exposure to Radiant World and Sapphire Minmetals. |
| Lawsuit Scale | Radiant World and Sapphire Minmetals filed a $2 billion lawsuit against Glencore in Singapore. |
| Accumulated Debt (2021) | Radiant World companies built up a debt of approximately $1.1 billion to Glencore following an iron ore price spike. |
Company filings also detail financial arrangements involving institutional lenders. In December 2023, Hill discussed prepayment structures with Societe Generale SA regarding Sapphire Minmetals. Sapphire secured loans from Societe Generale to finance iron ore prepayments to Glencore, backed by guarantees from Glencore itself. “Soc gen asking to speak to me about sapphire prepayment,” Hill wrote, asking his counterpart, “What argument did you use for them?”
Fraud Allegations and Market Repercussions
The partnership unraveled as Radiant World faced intense scrutiny from multiple financial institutions. Radiant World has been accused of fraud in court documents by at least two of its lenders after concerns emerged regarding falsified documents used to secure bank financing. While Radiant World has denied all wrongdoing, Glencore severed ties and accused the trading group of fraud.
Glencore stated that the claims brought against it in Singapore are “meritless and we will contest them vigorously,” maintaining that Radiant World initiated litigation “for telling the truth about their fraud.” Amid the widening controversy, Glencore shares traded 3.1% lower at 12:09 p.m. in London on Friday, underperforming wider mining sector equities.
Representatives for Glencore, Peter Hill, and Radiant World declined to comment on the leaked WhatsApp messages when approached by reporters.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
